OPPO to start handset manufacturing in Gr Noida by yr-end

The company had bought 110 acres of land from the Greater Noida Industrial Development Authority (GNIDA) for Rs 145 crore to set up a manufacturing unit, and its representatives completed the registry process with the stamps and registry department of Gautam Budh Nagar on Friday.Vandana Keelor | TNN | March 05, 2017, 15:46 IST

The company had bought 110 acres of land from the Greater Noida Industrial Development Authority (GNIDA) for Rs 145 crore to set up a manufacturing unit, and its representatives completed the registry process with the stamps and registry department of Gautam Budh Nagar on Friday.

In an attempt to promote industry in the city, the state government has also conditionally waived off stamp duty amounting to Rs 9.70 crore for OPPO.

“The land was registered on a Rs 100 stamp paper as the state government has waived off the stamp duty to the company on directions of CM Akhilesh Yadav,” Yadav said.

“But this waiver is on the condition that the company starts production before December 2017. If it fails to fulfil this condition, the amount of Rs 9.70 crore, which has been deposited as bank guarantee, will be forfeited,” he said. Yadav added that the company has also deposited a lease rent of Rs 53 crore for the land.

Deepak Agarwal, GNIDA chief executive officer, said the unit would be fully functional within three years. “OPPO had inked a memorandum of understanding (MoU) with Uttar Pradesh Development Systems Corporation, a subsidiary of Uttar Pradesh Electronics Corporation Limited, in November last year. They will be putting up their unit across 110 acres in Greater Noida’s Ecotech 7, and are likely to start producing mobile handsets before the end of the year. The company unit will be fully functional by March 2020,” he said.

“OPPO is likely to invest a total of Rs 2,000 crore for setting up their main and ancillary units. The company plans to generate employment for about 30,000 people,” Agarwal added.

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